1
1
2
3
4
5
6
2
1
3
4,267 YoY 95.4 %
773 YoY 165.8 %
2Q
4,072 YoY -% ※
99 YoY 24.3 %
•
•
•
•
4
GMV ※
GMV Take Rate
5
4,072 99
4,534 100.0% 4,372 100.0% 4,072 100.0% -
2,724 60.1% 2,563 58.6% 2,259 55.5% -
2,315 51.1% 2,153 49.3% 2,159 53.0% -
409 9.0% 409 9.4% 99 2.4% 24.3%
( 309)
416 9.2% 416 9.5% 106 2.6% 25.5%
( 310)
253 5.6% 253 5.8% 65 1.6% 25.9%
( 187)
6
8,587 345
9,883 100.0% 9,539 100.0% 8,587 100.0% -
5,894 59.6% 5,551 58.2% 4,790 55.8% -
4,736 47.9% 4,392 46.0% 4,444 51.8% -
1,158 11.7% 1,158 12.1% 345 4.0% 29.8%
( 812)
1,173 11.9% 1,173 12.3% 358 4.2% 30.5%
( 815)
714 7.2% 714 7.5% 223 2.6% 31.2%
( 490)
7
8,587 42 45% 19,000 20,500
345 27 35% 1,000 1,300
358 27 35% 1,030 1,330
223 28 36% 618 798
8
•
•
1,300 1,700
•
6.8% 8.3%
500
1,000 1,300
•
9
8,000 748 800
6,000 600
5,166
4,372 4,737
4,514
409 4,094 417 4,072
4,000 3,572 400
3,270 3,413 3,333 3,230 3,257 3,069
2,868
249 245
2,000 200
102 99
71
7 20
0 0
14
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
95
-2,000 142 129 -200
10
55.3 55.6 56.1 55.3
54.4 54.2
2.0 52.2 51.9
2.7 3.0 1.9 2.6 51.0
50.3 2.2
2.0
3.4 1.3 49.8
2.9 2.6
1.7 3.4 48.7 48.1
2.2 5.3
0.6 5.0
2.5 4.7 5.4 1.2
13.0 43.0 1.1 4.9
12.2 12.9 15.1 12.9 1.0 1.0
12.2 11.0 0.9
3.1
10.7 0.6 11.7
11.3
10.7 9.9 10.3
8.3
11.9 12.6
13.0 11.9 11.5 11.6 12.1
10.5
8.1 10.4 11.3 10.6 11.0 12.3
16.8 16.6 17.7 18.1 18.4 18.5 18.5 18.4
17.2 16.0 16.5 16.2 15.8 15.3
7.7 8.0 7.5 7.2
7.3 6.8 7.4 6.6 5.7 6.0 5.7 5.7 6.2 6.3
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
11
6,892 5,896 3,023 2,182
3,028 1,354 500 500
1,897 1,502 61 39
1,521 2,474 3,084 2,221
1,331 1,453 5,091 5,093
520 513 5,138 5,128
8,223 7,349 8,223 7,349
12
2
13
4,474 4,267 95.4%
( 207)
2,214 2,251 101.6%
(+36)
710 995 140.1%
(+285)
17.0 20.7 121.7%
(+3.7)
23,566 23,061 97.8%
( 505)
19,591 20,374 103.9%
(+783)
14
GMV YoY 95.4%
YoY 92.0%
6,000
5,312
5,138 4,963
5,000 4,655 4,811
4,474 4,428
4,267
4,326 4,263
4,013 3,978
4,000 3,678
3,512 3,408 3,532
3,342 3,391 3,287 3,326
3,249 3,308 3,204 3,233 3,134
2,940 3,045
3,000 2,845
2,000
1,000
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
15
3.3pt
53.9%
52.8%
51.9%
5,000 49.5% 48.7%
46.4%
39.8%
4,000
2,847
2,388 2,219
34.4%
2,259 2,016
30.3% 2,188
3,000
25.6%
24.0% 24.5% 2,213
22.7%
21.5%
2,318 2,056
2,000 2,444
2,571
2,584 2,234 2,757
2,463
2,214
2,574 2,591 2,251
2,251
1,000 2,214 2,075
1,464
1,007 1,076
757 704 753 835 841
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
16
1,100
1,036 1,035
1,000
891
900 865
820 808 120.3% 818
116.3% 736 784 783
800 752 746 696
729 720
700 99.2% 664
652
98.6% 105.7% 628
84.2%
600
500
400
300
200
100
0 -100.0%
4 5 6 7 8 9 10 11 12 1 2 3
17
1,988
2,000 1,915
1,800 1,756 1,725
1,719
1,677
1,621
1,575 1,573
1,600 1,518
1,479
102.1% 1,401 1,379 110.1% 1,402
1,369 1,346 1,335
1,400 88.2% 1,307
82.3%
98.4%
1,200
81.2%
1,000
800
600
400
200
0 -100.0%
4 5 6 7 8 9 10 11 12 1 2 3
18
64.1 64.0
62.5 62.6 62.1 61.9 61.8 0.9pt
60.8
17.9 18.0 17.9
57.6
55.8 56.7
17.6 17.7 55.8 55.4 55.8
17.1
16.6
16.3 16.1
15.4 15.5
15.2
46.2 46.5 47.0 46.4 14.6 42.5
44.2 43.9 43.9
43.1
41.2
41.0 40.4 40.3 40.2 14.2
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
19
30,000
22,565
1.4
20,000
16,009
10,000
1.7 9,358
34.1% 5,454 41.5%
0
20
13.4
11.0 10.8
9.5 9.1
9.7 9.8 9.3
8.8
8.2
7.8 9.2
7.2 7.2
6.6 8.1
7.6 8.1
5.2
4.2 4.5
2.3
1.6 1.8 1.5 1.5
1.0 1.3
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
21
14.4
9.1
8.0
6.3
5.8
5.3
4.4
3.8
22
3,000 ~ 10,000
35,000,000 800
700
30,000,000
600
25,000,000
597 500
20,000,000
400
15,000,000
300
10,000,000
261 200
5,000,000
36 155 100
0 0
2021 2021 2022 2022 2022
3 3Q 3 4Q 3 1Q 3 3
3 2Q
23
24
995,388
1,000,000 931,249
851,355
800,000 710,336 771,318
668,878
600,000 557,391
502,438
466,340
432,023
400,000
200,000
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
25
※
14,000 25%
12,000 20.0%
20.7%
18.6% 20%
16.5%
17.2% 17.9%
9,458 9,495
10,000 16.0% 16.2% 16.2% 9,390
15.7%
8,309
2,133 1,985 1,917 15%
8,000 7,229
2,005
6,139
6,000 1,864
10%
4,442 1,625
5,509 5,583 5,617
3,783
4,000 3,480 1,234 4,820
3,116
1,115 4,118
1,055 3,503 5%
994
2,000 2,489
1,867 2,053
1,633
1,484 1,748 1,891 1,961
719 1,011 1,246
489 558 614
0 0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
26
※
30,000
24,963 25,392 25,089
24,486 24,055
25,000 23,566 23,349 23,168 23,091 23,061
20,000
20,574 20,799 20,743 20,314 20,374
19,617 19,591 19,864 19,978 20,374
15,000
10,000
5,000
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
27
3
28
466 773 165.8%
(+307)
59 93 157.3%
(+33)
622 795 127.7%
(+172)
1,076 1,267 117.8%
(+191)
9,431 11,535 122.3%
(+2,104)
36 44 120.8%
(+8)
859 1,043 121.4%
(+184)
99 101 102.0%
(+2)
29
65 .8 % 72 .7 %
65.8%
800 747
773 100.0%
635
211
605 236 80.0%
600 68.5%
227
66.0% 64.8% 65.0% 64.7% 64.9%
61.2% 72.7%
57.3% 56.2% 466 261 64.4% 60.0%
52.6%
56.9%
400
345 49.9%
234 40.0%
255 562
151 512
198 214
195 189 195
200 170 169 121 409
68 75 68 344 20.0%
83 74 60 60
233
194
112 116 131 139 127 110 110 135
0 0.0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
30
800 747
773 100.0%
635
605
600 80.0%
466
400 345 60.0%
255
195 198 214 195
189 170 169
200 40.0%
0 20.0%
22 30
80 81 88 72 63 54 39 43 43 40 36 37
200 0.0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
31
0.4
1.6
0.01
1.8%
0.01 0.5
3.9 0.6
3.8
7.5
80.2
0.6 0.4
92 .2 1.1
1.2
32
4
33
34
5
35
36
¥
¥
¥
1
2
37
¥
¥
38
VISION
39
50,000 100,000
700 1,000
10,000 30,000
3,000 10,000 300 500
100
FY2022 FY2026
40
◼
◼
500 600 1,000
21 - 26 %
190
34 - 40 %
132 134
2019 2020 2021 2022 2026
3 3 3 3 3
41
1.
2.
3.
42
6
Appendix
43
◼
◼ 10,000 20%
GMV 10,000 GMV 10,000
※ ※
10,000 2,000 8,000 0
GMV GMV
販管費※ 2,000 販管費※相当額 2,000
10,000 10,000
売上
その他費用 その他費用
10,000 売上
7,000 7,000
8,000
利益 1,000 利益 1,000
44
8,417 2,800
2,960 680 4.3
3,000
3 2,120
9% 23% 33% 35%
45
46
60
2
50
40
7 14
18 20 45 8
42
30
55 9 52
32 17
47
994 6%
26
45
826 53
22
40 177 48% 48%
47 57% 52% 56%
675 62%
18 70%
153
37 34
530 217
14 133 94%
25 184
401 10 28
115
308 15 156
8 22 52% 52% 48%
98 43% 44%
236 10 131 38%
5
82 17 476 30%
6
112 381
67 13
92 299
73 218
144
71 99
2014 2015 2016 2017 2018 2019 2020
48
vega_ir@vega-c.com